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Intersearch Grp. | AMEX:IGO | AMEX | Ordinary Share |
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INVESCO Geared Opportunities Trust plc Preliminary Announcement Unaudited Interim Results For the Six Months Ended 31 October 2003 Chairman's Statement In my statement in the Report and Accounts for the year ended 30 April 2003, I had to report a fall of 29.9% in the total assets less current liabilities of the Company during the year. However, I was able to tell shareholders at the Annual General Meeting that between the Company's year end and the date of the last declared net asset value on 25 June, the total net assets less current liabilities of the Company had increased by 12.6%. I am now able to report that the early progress in the period has been continued and for the interim period as a whole the total assets less current liabilities of the Company have risen by 27.1%. There is no single benchmark against which the Company's investment performance should be measured. However, the Board considers the performance of the FTSE All-Share Index, the FTA Government All Stock Index and the Merrill Lynch Sterling High Yield Index when assessing the performance of the Trust's portfolio. The Board considers the Merrill Lynch Sterling High Yield Index normally to be more relevant to the fixed interest component of the Company's portfolio for comparison purposes than the FTA Government All Stock Index. The total returns for those indices for the six months ended 31 October 2003 are respectively 14.2%, -1.4% and 17.0%, which compare with the total return on the portfolio that we calculate to be 28.2%. Clearly this performance is pleasing and results both from the rise in the UK equity market and the out performance of the Company's portfolio. The Trust's net asset value of the Geared Ordinary Shares at the end of the interim period, after deducting prior charges at par, was 45.5p and the middle market share price at the close of business that day was 38p which was a discount of 17%. Of course this also means that the claim of the Convertible Unsecured Loan Stock as at the same date is entirely covered by the total assets less current liabilities. A second interim dividend of 2.275p per Geared Ordinary Share has been declared in respect of the financial period ending 31 October 2003 and will be paid on 30 January 2004 to shareholders on the register on 30 December 2003. The first interim dividend of 2.275p was paid on 31 October 2003 in accordance with our indicated timetable. The gearing of the Company means that the change in the net asset value of the Ordinary Shares will be greater than the change in total assets less current liabilities. At 31 October 2003, the cover on the CULS and Zero Dividend Preference Shares was 1.3 and 2.3 times respectively. There has been a strong recovery of the UK equity market from the levels reached in March. This was an overdue recovery from a heavily oversold level. The US has experienced strong economic growth in the third quarter and the UK economy is expanding sufficiently not to undermine the recovery made by the UK equity market. I remain hopeful that the Company can make further progress during the rest of its financial year. Philip Stephens Chairman 17 December 2003 Statement of Total Return (Incorporating the Revenue Account) Six months to 31 October 2003 (Unaudited) Revenue Capital Total £'000 £'000 £'000 Gains/(losses) on investments - - (920) (920) realised ts - unrealised - 12,382 12,382 Exchange difference - (1) (1) Income UK dividends 808 - 808 UK unfranked investment income 380 - 380 Deposit interest 25 - 25 Other income 4 - 4 Gross Return 1,217 11,461 12,678 Investment management fee - note 1 (75) (140) (215) Other expenses (124) (4) (128) Net return before finance costs and taxation 1,018 11,317 12,335 Interest payable (316) (586) (902) Return on ordinary activities before tax 702 10,731 11,433 Tax on ordinary activities - - - Return on ordinary activities after tax for the financial period (attributable to equity 702 10,731 11,433 shareholders) Appropriations in respect of non-equity shares (733) - (733) Dividends in respect of equity shares - note 2 (844) - (844) Transfer (from)/to reserves (142) 9,998 9,856 Return per Geared Ordinary Share - note 3 3.8p 57.8p 61.6p Return per Zero Dividend Preference Share - note 3 - 5.6p 5.6p The revenue column of this statement is the profit and loss account of the Company. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Statement of Total Return (Incorporating the Revenue Account) Year to 30 April Six months to 31 October 2003 2002 (Unaudited) (Audited) Revenue Capital Total Total £'000 £'000 £'000 £'000 Gains/(losses) on - 197 197 (1,979) investments - realised - unrealised - (14,476) (14,476) (13,246 Exchange difference - 1 1 - Income UK dividends 1,001 - 1,001 2,072 UK unfranked investment 254 - 254 549 income Deposit interest 25 - 25 28 Other income - - - - Gross Return 1,280 (14,278) (12,998) (12,576) Investment management fee - (77) (142) (219) (357) note 1 Other expenses (104) - (104) (184) Net return before finance costs and taxation 1,099 (14,420) (13,321) (13,117) Interest payable (316) (586) (902) (1,809) Return on ordinary activities before tax 783 (15,006) (14,223) (14,926) Tax on ordinary activities - - - - Return on ordinary activities after tax for the financial period (attributable to equity 783 (15,006) (14,223) (14,926) shareholders) Appropriations in respect of non-equity shares - (681) (681) (1,375) Dividends in respect of equity shares - note 2 (844) - (844) (1,688) Transfer to/(from) reserves (61) (15,687) (15,748) (17,989) Return per Geared Ordinary Share - note 3 4.2p (84.6)p (80.3)p (80.5)p Return per Zero Dividend Preference Share - note 3 - 5.1p 5.1p 10.4p Balance Sheet At At At 31 October 30 April 31 October 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Fixed Assets Investments 47,930 38,265 40,794 Current assets Amounts due from brokers - 661 626 Tax recoverable 30 30 30 Prepayments and accrued 373 861 483 income Cash at bank 2,299 974 693 2,702 2,526 1,832 Creditors: amounts falling due within one year Bank overdraft - - - Amounts due to brokers (445) (299) (564) Accruals and deferred income (132) (1,026) (1,049) Proposed dividend (422) (422) (422) (999) (1,747) (2,035) Net current assets/ 1,703 779 (203) (liabilities) Total assets less current 49,633 39,044 40,591 liabilities Creditors: amounts falling due after more (21,200) (21,200) (21,200) than one year Total net assets 28,433 17,844 19,391 Capital and reserves Called-up share capital 318 318 318 Share premium account 30,114 30,114 30,114 Other reserves: Capital reserve - realised (1,006) 1,376 4,923 Capital reserve - unrealised (7,860) (20,240) (21,470) Redemption reserve 6,740 6,007 5,313 Revenue reserve 127 269 193 Shareholders' funds 28,433 17,844 19,391 Analysis of Shareholders' funds Equity interests (Geared 8,443 (1,413) 828 Ordinary Shares) Non-equity interests (Zero 19,990 19,257 18,563 Dividend Preference Shares) 28,433 17,844 9,391 Net asset value per Share - note 4 Geared Ordinary Share: basic 45.5p - 4.5p diluted 101.7p 67.9p 75.6p Zero Dividend Preference Shares 150.9p 145.3p 140.1p Cash Flow Statement Six months Year to Six months to to 31 October 30 April 31 October 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Cash inflow from operating 1,370 1,680 932 activities Servicing of finance (1,803) (1,809) (902) Taxation - 8 9 Capital expenditure and financial investment Purchase of investments (7,772) (28,028) (16,149) Sale of investments 10,375 24,380 11,215 Equity dividends paid (844) (1,688) (844) Net cash (outflow)/inflow before management of liquid resources 1,326 (5,457) (5,739) Management of liquid resources (1,294) 3,983 4,253 Increase/(decrease) in cash 32 (1,464) (1,486) Cash inflow/(outflow) from decrease/(increase) in liquid 1,294 (3,993) (4,253) resources Translation difference (1) - 1 Movement in net funds in the 1,325 (5,457) (5,738) period Net debt at beginning of the (20,226) (14,769) (14,769) period Net debt at end of the period (18,901) (20,226) (20,507) Reconciliation of Operating Profit to Operating Cash Flows Six months Year to Six months to to 31 October 30 April 31 October 2003 2003 2002 (Unaudited) (Audited) (Unaudited) £'000 £'000 £'000 Net revenue before finance 1,018 2,340 1,099 costs and tax Decrease/(increase) in debtors 458 (361) (9) Increase/(Decrease) in 38 (67) (16) creditors Investment management fee (140) (232) (142) charged to capital Other fees charged to capital (4) - - Net cash inflow from operating 1,370 1,680 932 activities Reconciliation of Movement in Shareholders' Funds Year to Six months to Six months to 30 April 31 October 2003 31 October 2002 (Unaudited) (Unaudited) 2003 (Audited) Non- Non- Equity equity Equity equity Interests Interests Total Interests Interests Total Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 Revenue return for the period (142) - (142) (61) - (61) 15 Capital return for the period 10,731 - 10,731 (15,006) - (15,006) (16,629) Appropriations in respect of non-equity (733) 733 - (681) 681 - - interests Net movement in Shareholders' 9,856 733 10,589 (15,748) 681 (15,067) (16,614) funds Opening Shareholders' funds (1,413) 19,257 17,844 16,576 17,882 34,458 34,458 Closing Shareholders' funds 8,443 19,990 28,433 828 18,563 19,391 17,844 Notes to the interim accounts 1. Investment management fees and interest payable on borrowings are allocated 65% to capital and 35% to revenue. 2. The Directors have declared interim dividends totalling 4.55p (2002: 4.55p) per Geared Ordinary Share in respect of the year ending 30 April 2004. The first interim dividend was paid on 30 October 2003 to shareholders registered on 12 October 2003 and the Directors have declared a second interim dividend payable on 30 January 2004 to shareholders registered on 31 December 2003. 3. The revenue return per Geared Ordinary Share is based on the net revenue return on ordinary activities after taxation and on 18,549,891 (2002: 18,549,891) Geared Ordinary Shares, being the number of Geared Ordinary Shares in issue in the period. The capital return per Geared Ordinary Share is based on the net capital return on ordinary activities after taxation and the capital return due to Zero Dividend Preference Shares and on 18,549,891 (2002: 18,549,891) Geared Ordinary Shares in issue in the period. The capital return per Zero Dividend Preference Share as at 31 October 2003 is the daily compounded value from the issue price of 100p to the final capital entitlement of 165p. 4. The undiluted net asset value per Geared Ordinary Share is based on net assets of £8,443,000 after deducting the capital entitlement of 100p per share on 13,249,960 Zero Dividend Preference Shares together with the accumulated growth in their value to 31 October 2003 of £6,740,000 and 18,549,891 Geared Ordinary Shares in issue. The diluted net asset value per Geared Ordinary Share is based on the assumption that the 21,200,000 outstanding CULS are wholly converted into Geared Ordinary Shares at a rate of 50 Geared Ordinary Shares for every £100 nominal of CULS. CULS conversion is effective on the business day prior to a voluntary winding up of the Company. It is expected that the holders of the CULS will not wish to convert unless the net asset value per Geared Ordinary Share rises above 200p. The predetermined capital return to Zero Dividend Preference Shareholders of 165p on winding-up equals £21,862,000. 5. The financial information for the period to 31 October 2003 has been prepared on the basis consistent with the accounting policies adopted by the Company in its statutory accounts for the financial year ended 30 April 2003. 6. The foregoing financial information at 30 April 2003 is an abridged version of the Company's full accounts which carry an unqualified Auditors' Report and which have been filed with the Registrar of Companies. 7. It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company set out in section 842 of the Income and Corporation Taxes Act 1988. By order of the Board INVESCO Asset Management Limited Secretaries 17 December 2003 END
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